Many auction deals are being finalised prior to the properties going under the hammer, suggesting premium prices are being paid

Many auction deals are being finalised prior to the properties going under the hammer, suggesting premium prices are being paid

Auction activity remained elevated in Barfoot & Thompson's auction rooms last week, with 207 residential properties passing through the agency's auction rooms.

Of those, sales were achieved on 129 properties giving an overall sales rate of 62%.

Those number were slightly down from the previous week when 220 properties were auctioned and the sales rate was 66%.

Apart from the Pukekohe auction where just three properties were offered and one was sold, the sales rates at the individual auctions ranged from 59% at the Shortland Street auction on September 29, where most of the properties offered were from Auckland's western suburbs, to 75% at the on-site auctions (see chart below for the full breakdown).

A notable feature at several of the auctions was the relatively high number of properties sold prior to auction .

That suggests there is a core of buyers prepared to pay a premium price to secure the property they want ahead of their competition.

Almost 20% of the properties scheduled for auction last week were sold prior to the auction taking place.

Details of the individual properties offered and the results achieved are available on our Residential Auction Results page.

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120 Comments

13
up

I urge you all to go and speak to any agent (but one who tells the truth) and you will find that the number of listings available have more than halved and premiums are being paid by the naive FOMO's. This is not going to end well for them.

FOMO yes but no denying market is extremely hot. 20% house being sold before auction, think is extremely high setting new benchmark.

Are FHB in Auckland buying 1.2million or 1.1million plus houses ?

Though interest rates are very low but high house prices have offset the advantage of low interest rate instead ending up with more debt for FHB.

It is mum n dad who already have first house are buying their second property with the equity generated from first house and this trend is on rise specially with LVR being removed and this trend is on the rise.

Like it or not but housing market is at peak (that's what many felt earlier also) and no government will let it fall so anyone hoping for market correction will be disappointed as Government and reserve bank will go to any extreme to keep up the hyper bubble.

So surrender and FHB should look at investing in other part of NZ as now even dream of owning a house in Auckland is a nightmare for FHB.

25 out of 207 is 12% sold before auction, not 20.

25 sold prior to auction divided by total sold of 129 = 19.4% close enough to the claimed 20%, not 12%

Yes, but there were not 129 houses on auction which is what we are talking about. BTW 19.4 is closer to 19 than 20 anyway. Good try though!

An agent informed me that many potential sellers are just waiting until after the election. When a rush begins just watch house prices crumble.

What was his reasoning ?

14
up

There is no reasoning, it's just what ApexAndy would like to happen

More than one agent. I have called ten over the last couple days and had some good conversations. I urge you all to do the same. Its very interesting getting it from the coal face. Vendors are overwhelmed with fear over what is going to happen in the near future. The uncertainties are too much for people and the election is just another uncertainty that is making them sit on their hands in fear. When the flood gates open they really will open. Phone an agent and have the discussion. Do not believe me or anybody else on here. Don't even believe them but just understand that when they tell you what I have said it is not benefitting them. Even they cannot believe how fake the market is. They have NO listings.

Andy
. . . and you are believing the agents?

P.S. I've got a great deal for you - you'll make a fortune. :)

22
up

I am an agent with dealings in NZ and Australia. I can tell you the markets are overpriced in both counties, but NZ is grossly overpriced and needs a 50% drop to come back to where it should be. As soon as the dust settles prices will drop and it will be dramatic. This will happen unless they can find more idiots to come in with fresh cash, but even that will only delay the inevitable. Never take advice from anyone who wants property prices to go higher, which is basically everyone. Property investors, go and get a real job, go and produce something that society and the economy can actually use, rather than sit on you skinny arses telling each other how clever you are by tricking those with a lower IQ than you to get into the property market.

"As soon as the dust settles prices will drop and it will be dramatic"

What dust is that? Pixie dust?
I think you're a fake RA, pretending to be a real estate agent to try to give more credibility to your comments

Yvil
Agreed with your sentiments.
Very septic comments regarding investors - a significant part of a REA business and more so than FHB - and very bitter comments about market being overpriced - when most consider that REA talk the market up - definitely indicate that this is not a kosher post.
Post is an immature attempt to make a point but in doing so it shows absolutely no credibility.
Dealings in Australia and NZ . . . yeah, yeah.
Investors sitting on their “skinny arses” . . . a renter bitter about their landlord and bitter not a home owner.
RealAgent must think that we are gullible bunnies. Pathetic.
Considerable dealings with REA develops a excellent BS filter and that post clogged up that filter.

A 50% drop in prices would mean no new housing is built for another 5-10 years. Even kiwibuild margins would be completely wiped out. People posting and liking this dribble have zero clue.

Indeed but as you can see by the number of upticks, many people agree with this nonsense

Yvil
This is how credible RealAgent is:

by RealAgent | 1st Apr 20, 2:19pm
Imagine how worried the banks must be feeling... holding an 80% loan on a property that is about to drop 40-60% in value. The smart are getting their cash savings out of the banks NOW!

Over six months later:
- houses have not dropped by 40-60%
- there has not been a rush on banks for money nor a collapse of banks.
Sadder thing is that with today's and last April comments, many have read his posts without being bothered to think critically about them.

Posted on April Fool's day ironically.

Not really, about 50% of the cost is land at the moment which does not cost anything to make, meaning that most of the loss would likely go there and still make the same houses with the same labour cost and materials we do now.

New builds are often higher priced. But some developers are getting some healthy profits at the moment on top of their wages. But an older house which often needs a substitutional amount of money spending o on it to get it up to the latest standards in terms of insulation and layout, as well as deferred maintenance etc should be cheaper.

But our new builds are way over priced anyway, due to little competition in the building materials market, meaning we pay way to much for building materials.

There is not a 50% margin priced into the new builds. No where near. If you believe that get your tin hat back on!

Do you open the conversation that you're thinking of selling, and asking them when you should list. Never forget, the sage advice of an REA is always dependent on what's best for themselves.

I’m hearing this too and it’s very similar to what happened after the 2014 election. This year we have school holidays on and then the election and then Labour weekend. There will be a big rise in listings November- it will stabilise prices, I don’t expect a drop

Bad call, if they are going to panic as the say says panic first. No reason to wait until the election. Those selling now are doing well, waiting will just make it worse.

A change in governemntthis time IMO will unlikely make much difference, as there aren't really any meaty policies to solve the housing crisis. Not unless the Greens get to bring in their wealth tax, which will then affect a lot of people in Auckland.

Unless TOP is your party selection. Role on the land tax.

For sure, perfectly good homes left empty are an issue, especially when I see a car or two nearby that people are living in. What I find intriguing is; how did they know? How were these owners so sure that leaving their house unrented for years, while still paying upkeep was going to be worthwhile in the end because of capital gains? It’s not how I’d invest. I think in some cases, it has to be money at risk of “nationalization” in other territories. Even if house prices dropped in AK or real yields were negative, keeping most of your capital was still a better proposition than losing all of it. And they got lucky when house prices mooned

AA - I just love the stuff people like you write, it is soo entertaining !
Fear, danger, Apocalypse around every corner, it could be a great suspense novel !
The sun will rise tomorrow and those who bought property yesterday, last year, last century will have a smile on their faces.
The economy is recovering very well and the best bit is our terms of trade i.e. the trade we do with the rest of the world is holding up amazingly well !
Happy investing or I could say investing makes you happy !

You could be right andy apex ... also I’m thinking there is going to be many people on mortgage deferral who will sell up when government stimulus and the deferral end. It will all happen at once soon... influx of listings. no listings now but it will result in everyone selling at once later. This will bring prices down.

Imagine how high they could be, if incomes had risen as much as house prices? There is a reason why NZ is seen as having the biggest housing bubble in the world. We lead the world ahead of Australia, Hong Kong and some parts of the UK.

12
up

Apex speak to agent who tells truth...must be joking.

Phone a few. Even they are fearful. They know what's coming.

FOMO yes but no denying market is extremely hot. 20% house being sold before auction, think is extremely high setting new benchmark.

Are FHB in Auckland buying 1.2million or 1.1million plus houses ?

Though interest rates are very low but high house prices have offset the advantage of low interest rate instead ending up with more debt for FHB.

It is mum n dad who already have first house are buying their second property with the equity generated from first house and this trend is on rise specially with LVR being removed and this trend is on the rise.

Like it or not but housing market is at peak (that's what many felt earlier also) and no government will let it fall so anyone hoping for market correction will be disappointed as Government and reserve bank will go to any extreme to keep up the hyper bubble.

So surrender and FHB should look at investing in other part of NZ as now even dream of owning a house in Auckland is a nightmare for FHB.

25 out of 207 is 12% sold before auction, not 20.

The problem is finding an real estate agent who tells the truth about the market, I’m searching for my first home in Auckland and they all tell me now is the time to buy before gets higher and if there is a price decrease, that I can just ride it out. I don’t agree with them, I know plenty of people wanting to sell but holding off so we will have an influx of listings soon

Starr,
1) forget about "the right/wrong time to buy altogether"
2) stop reading the comments section of Interest, it's detrimental to your prosperity and well being. The majority of commenters are people who missed out buying their home and are therefore upset that house prices are rising so they are preaching (= hoping) that prices will fall. You don't want to be like them
3) invest the time you have freed up from not reding the comments section into looking for more houses in your area of choice, be patient, have perseverance
Good luck, you will get there and you will not regret the decision to own your own home.

So can someone comment on who the buyers are? I hear that they are returning kiwis - those who have money.

Is this correct? Or is it FHBs?

The real numbers of returning kiwis has been really low to make any difference, these are mostly people motivated by the removal of LVR restrictions and the FOMO spread by the mass media so savvy investors can get out of the market before prices start going down when the stimulus wears off.

But Tony Alexander told me masses of cashed up, returning Kiwis are driving the market up?

The majority of returning kiwis are going to be those coming back from their OE having spent all their cash travelling.

Come back from Ozzy where they cannot claim the dole, get two weeks 4* in the Hilton, do their 90 days in NZ so they dont have to pay quarantine fees, claim 3 months dole and apply for work in ozzy whilst living on mates couch. Only foolish youth would stay in NZ any longer than they had to. The boomers don't want you, they want tourists and immigrants they can fleece. NZ is a rich mans playground. The elites are trying to turn it into a Saudi were the ruling elite drive round in rolls royces and live in mansions whilst the poor masses live in shanty towns and drive 1992 corollas. Maybe they have already succeeded. Good job JK and JA..... traitors!

"Come back from Ozzy where they cannot claim the dole, get two weeks 4* in the Hilton, do their 90 days in NZ so they dont have to pay quarantine fees, claim 3 months dole and apply for work in ozzy whilst living on mates couch. Only foolish youth would stay in NZ any longer than they had to. The boomers don't want you, they want tourists and immigrants they can fleece. NZ is a rich mans playground. The elites are trying to turn it into a Saudi were the ruling elite drive round in rolls royces and live in mansions whilst the poor masses live in shanty towns and drive 1992 corollas. Maybe they have already succeeded. Good job JK and JA..... traitors!"

What a delightful perspective you have Grandma

Look, I was totally with you until you disrespected my '92 Corolla.

Can anyone comment on who the sellers are?
If it is a one way bet,why sell?

Because it is, anyone that is aware of the current economic context and understands fiscal stimulus would get to the conclusion this is the end of the run and there's not much that can be done to keep it going, savvy investors know that, the FOMO promoted by the mass media is precisely there to encourage unaware people to buy now so investors and funds can offload their assets on time.

b21
Conjecture not supported by RBNZ mortgage data.
Latest data for three months June to August:
8,260 FHB
11,428 Investors.
Your assertion is seemingly baseless unless you can provide some hard data.

I am aware of this data, just said savvy investors are getting out, FOMO applies to all kind of stupid money entering the market right now.

Linking the data for anybody that is interested:

https://www.rbnz.govt.nz/statistics/c31

b21
So where is the evidence that there are large of investors - savy or not - getting out? This shows 11,000 buying over past three months and numbers increasing.
Problem is, if an investor gets out what are they going to do with the money? Returns on cash pitiful, and although rental yields the reality is that they are a lot higher than cash.
Those investors that I know - well experienced - certainly aren't looking to get out.

..sit on your cash. We have deflation, little interest being earned = little tax. But increased buying power of you cash is looming.
Its sota like a capital gain on your cash and tax free!

J.C. will disagree with you - the number of investors you know are not a large enough sample.

UK agents wisdom....

"Sell now before house prices crash"

https://www.business-live.co.uk/economic-development/sell-now-before-hou...

Savvy Sellers.
There is a constant supply of retirees and elderly living in dated houses that require on-going maintenance. A cohort that decide to sell up. They're downsizers. Wanting a single-level low-maintenance residence, close to shopping and hospital facilities. Generally they comprise the exodus out of Auckland. A retired couple in our extended family, living in a small 60 year old in-fill residence in Papatoetoe sold last year for $560k, migrated to Whangarei and bought a 5 year-old 3 bed modern house on 600 sqm for $500k. Also geriatrics who move into a full service healthcare, or, pass away, creating additional supply

So many houses haven't been maintained, but that doesn't appear to affect the value of them. In Auckland, much of the value is in future development potential of the land, rather than the actual house. These price rises have spread out throughout NZ.
Elderly who sell their house for something small are nearly paying as much as they would for the house they are selling, even though it maybe a lot smaller. Also many are moving into retirement license to occupy complexes, which are benefiting from the house price rises. It allows them to just put their prices up. It is all a license to print money literally.

I think AndrewJ mentioned last week that he knew of several property advisors who are all planning on selling before Christmas. Hopefully he’ll be able to give us an update in a few weeks.

IMO many sellers are people who are competent at financial analysis and correctly assessing risk/reward and are avoiding a gamble that is -EV.

With term deposits delivering almost zero return, many commercial properties vacant and stocks at or close to all-time highs, I think some simply see property as a place to get a return of a few %, and they also hope the value of the property will increase if they keep it long enough. Speaking with some people I know who simply don't know where to put their money at the moment, a few are looking at residential property. I'm not saying they should do it, but people I know with $$$ to invest are looking closely at purchasing a rental.

EarlyRiser
While your assertion is based on a limited amount of anecdotal information, it is consistent with what I am hearing - it is also supported by both rationale and RBNZ data showing 11,400 mortgages to investors compared to 8,200 FHB in past three months.

The other thing is a house won't just disappear if the housing market crashes. The house is still there. WE have a lack of other forms of investments in NZ. Our stockmarket is tiny. So where else do people invest their money in NZ?

And the answer, of course, is houses in Australia, houses in the UK, or houses anywhere else. Thank you.

I would like to see stats on who the buyers are. But doubt they exist, because we didn't even have stats on how many people from overseas were buying our house. Or how many ghost houses there are in NZ. Apparently more the 140,000 houses were empty in 2018, which could potentially solve NZs housing shortage if they made home owners rent them out or sell them. But renting out is a PITA for many property owners due to the quality of tenants, when they can just sit on the property and get free capital gains, which can exceed someones income. NZ IMO has got itself into a huge mess.

The new gold -- NZ's properties in AKL, Tauranga, Hamtilton, Wellington.

15
up

Fools Gold

Can anyone confirm where the moneys coming from?
One can't see who's buying on the auction website, as the cameras facing the auctioneer, so went to a few at B&T Shortland St to see who's buying the central suburb houses, was surprised to see mainly Asians (needing interpreters) paying well over CV and well beyond what locals can compete/afford.

the money is from banks.

2toothBora
So those are Kiwis of Chinese ethnicity then.

12
up

From my observations mainland China, based on the fact they couldn't speak English i.e. not raised in NZ, gone through our schooling system and been Kiwi-ised.
Please note I'm not racialist, this is a purely a factual report based on random visits (noting because we live in a PC world)

Nobody is a racialist.

There's no such a thing as a "Chinese ethnicity", China is a country where you can find a number of them.

https://en.wikipedia.org/wiki/List_of_ethnic_groups_in_China

Just adding a bit more perspective to this data, the rates in the past weeks have been steadily going down:

68%: 7-13 Sep
66%: 14-20 Sep
66%: 21-27 Sep
62%: 28 Sep-4 Oct

Looks like there's a trend here and the stimulus from removed LVR restrictions might be wearing off.

Its a bit hard to gauge. I know it is a bit useless but my anecdotal experience is that reserves and expectations have increased by vendors over the last month. E.g. they would have been happy with 1m a month ago but they expect 1.1m

Certainly I think some of the bigger land properties (infills) are experiencing this and passing in

Even the agents cannot believe what the vendors now want for their homes and are actually apologising to buyers and letting them know its not them who named the price.

Just adding a bit more perspective to this data, the rates in the past weeks have been steadily going down:

What is the statistical difference between 62% and 68%? Probably zero. Therefore, the rate is flat, not 'steadily going down'.

Read the data as you wish. Fun fact: putting the numbers upside down will give you a growing trend.

If sample size is big enough 6% difference is huge. Casinos and their profit is built on approx 3% difference (diff between true odds and what they pay when you win).

b21
J.C. will disagree with you - the number of auctions are not a large enough sample.

Seriously though, is the variation in these numbers significant and especially so with the increasing number of properties going to auction and being sold?

I would have been surprised if you would have made this exact same comment if the trend would have been upwards, even if it was a 0.0001%.
I agree the sample does not represent the entire population and it focuses in a very specific set which usually represents assets which vendors expect being sold by auction since the costs of doing so are high. As you have read my point is in regards of this specific set which B&T keeps taking from the same sub-population every week so it is roughly homogeneous over the time.

b21
No.
. . . and if I do make such a baseless comment I would be most happy for your to criticise me.

J.C. will disagree with you - the number of auctions are not a large enough sample.

Using a sample size of 200 for each sample, there is no significant difference between 62% and 68%.

I am correct. By your language, you're disagreeing for the sake of it without understanding what I am saying.

Saw an article recently saying 3 bedroom houses can cost more than 4 bedroom houses in some areas. Absolute rubbish of course, it is just a small sample size at work.

Exactly, the more heterogeneous the population is the more samples you need to make a statistics consistent, in this case we are talking about houses that went through a few filters and share characteristics, sold by the same agency under similar conditions in the same economic context. If the data would not be accurate enough there would be some fluctuation, I am just highlighting there is not, which means it looks like a trend.

It will be interesting to see how long this buzz will last for.

another 30-40 years probably

Wow that's some good market analysis!

Thanks

Yvil .......why stop there .....to infinity .....and .........b..e...y....o.....n......d ! ! !

You sound like my old colleagues trying to convince me to buy bitcoin back in December 2017

Bitcoin doesn't have a 30-40 year history of fairly steady gains

30-40 year steady growth is different to the current 'buzz' that 'Just Some Advice' was talking about.

Just some Advice
As long as RBNZ decide a need for stimulus for economic stability reasons through use of FLP and cuts to OCR . . . and that will depend on Covid and economy.

Thanks for your reply Printer8.

Stand out sale
9 Turama Road, Royal Oak
Sold $4,450,000 land area 1,213 square metres - land value only
Price per sqm = $3,600
Agents: Steven Xu and Laura Ma
https://www.barfoot.co.nz/property/residential/auckland-city/royal-oak/h...
A phone call to either agent could reveal the buyer and their intentions
This is not a residential transaction - its a development price
Automatically makes the value of the properties either side = $4 million plus

So Chinesse are once more active - must have found ways to buy, may be using friends and relatives or trust.

Problem with that?

NZ citizen and resident of Chinese ethnicity are not allowed to buy?

I think he referred to it as citizenship, otherwise it would be like saying someone has Russian ethnicity, there are many ethnic groups in countries that large.

b21
It raises the question as to why their ethnicity was worth commenting on.
Were there more males bidding compared to females? Similarly really of no significance.

Nobody commented on ethnicity, read the comments.

b21
It would appear iconoclasts original comment has been edited.
Note the timing of the original comment and subsequent comments; His comment shows 12.21 when subsequent posted comments show 11.23.
My comment was made at 12.07 so iconoclasts comment has been edited after that.
My post was made in response to the original comment in which there was mention of there being numerous Chines bidders and requiring interpreters.
So there was mention of ethnicity.

-- removed --

Totally Incorrect. The only edit was to add the words "Land Value Only". The only reference that existed at the time of your comment was the names of the two agents which are still there There was no mention of people in the body of the comment other than to suggest the writer of the article could phone them

You are clarifying something that was never there
Should you check the comments above you will find your "chinese bidders and translaters" from 2 Tooth Bora at 10:50 am

xing....I wanna move to Beijing, start working, get residency and citizenship and buy a few houses. Could you advise me how to do so please? Thanks.

of course. More than happy to help.

the first consultation is always free.

The spouse is a Chinese citizen or a foreigner who resides permanently in China and has lived with the spouse in China for five years after marriage, and has accumulated actual residence of not less than nine months each year, with stable living security and residence;

Children under the age of eighteen residing in China or with foreign parents permanently residing in China;

Those who have reached the age of sixty, have no immediate relatives abroad, and depend on immediate relatives of Chinese nationality living in China or foreign relatives of permanent nationality who have permanently resided in China (must have stayed in China for five consecutive years, residing no less than 9 months every year, with stable living security and residence).

OR

Foreign citizens with internationally recognized achievements (Article 12)

Foreign citizens who have achieved internationally recognized outstanding achievements in the fields of economy, science and technology, education, culture, health, and sports can directly apply for permanent residency. Similar to Article 13 of the Draft, this category does not require a minimum residence period in China, nor does the article specify that the achievements are to have been made in China.

..sounds a lot more sensible than our mess.

Thx for the reply. So if I do not have Chinese parents or a Chinese spouse and have not "achieved internationally recognized outstanding achievements in..." then it seems it will be extremely difficult. Perfectly understandable and sensible. Maybe I could find a good Chinese connection and make a donation to get around the red tape. Have spent lots of time in Macau and loved it but always had to leave after a month.

I think they’ve been less visible but not less active. Money can fairly easily get through HK from mainland CN to NZ. And there are plenty of blogs promoting both methods and destinations to buy overseas property as a haven for money made in China - for nationals and ex pats. Pretty legal to then buy in NZ... via corporate trust set up by well practiced firms downtown, if required. But when you know that fortunes in China are only made and protected using practices we would find unsavory here, should we be letting this same money distort such a fundamental and socially critical asset class?

I watched an absolute dive of a 5brm on smallish section go for 1.5m on an average st, city fringe AK 2 years ago. It adjoined a small corner commercial site. Chinese language signs went up in the front yard. It all became clear when the commercial site went up in flames one night. The 5brm was the last house in THAB zone, and the demo crew got into both pretty quick after that. Brazen...

Just went shopping for a 2-3 beddy in inner suburbs of Auckland for a family member. A $mil for a 2 bed b&t in a sausage block. Anything with a bit of style $1.2m plus. Most buyers seemed in 30s - mix of ethnicities. Funny part was young couples with dad in tow and sour look on his face.
Avoided inner city big blocks as many are being sold on fixed rentals that are about to end. One block touted by real estate agents as $650 per week rental now $550 due to covid but soon to recover has a number available on trademe at $400. That changes ROI dramatically. Also body corps up to over $8k plus $2k rates per year. Ouch.

...it's.... all ...just ....a ......"house" //\\ of cards .s...s....s...s sharks ....AKQJ10 royally "flushed" down the toilet ......

14
up

cards is like marriage, you start off with a heart and a diamond but after a while you just want a club and a spade.

13
up

If I do not return to this site assume my wife did not enjoy above comment as much as I did.

Roger, Wilco

Australia : Is government helping FHB or in guise of helping FHB keeping the ponzi alive :

https://youtu.be/eKP8-mk5_4o

NZ government beat Australia by being proactive to support the ponzi as we already have it announced.

Governments in Western Countries are all doing the same thing. Luring in the first buyers to keep the giant ponzi going. We are not different, we are not unique we are doing exactly the same as everyone else.

Love to see auctions and tenders banned and see if that affects house prices. The worst thig for any buyer is to get into a bidding warm which is inevitable when there is a lack of supply and cheap freshly printed money that needs to find a home for investment.

Anyone got any stats on how many dwellings in Auckland and ghost houses and not being lived in? How many of these that are being purchased today are going to head the same way?

Not having better numbers, according to the census the number was estimated to be about 141,000 for the country from which 33,000 were in Auckland.

https://www.stuff.co.nz/life-style/homed/latest/103024164/is-it-time-to-...

think it is 40K+, very very few of which will be owned by NZ born citizens.

Probably a good time to stop writing a lot of rubbish on here and start looking at your financial situation. I had everything I have in the bank so finally decided to diversify and put 2/3 of it into property. I no longer see a crash coming and little old NZ is going to be the new go to place to live in the world. Expect people with more money than you can dream of coming here and that means only one thing for property.

It is great to see someone that puts his money where his mouth is, but it do not mistake your wishes of a profitable investment with the reality of the global and national economy. Heard many with the same narrative in 2008 to later on regret getting too greedy, immigrating into NZ is not an easy thing even for wealthy people so hard for it to make a significant difference.

So you're saying that people who bought a house in 2008 for half the price it's worth now are regretting their buy, really? Why on earth would they regret making 100% tax free profit on that house, which, if they put say 20% of their own money in is a 500% return.
Com'on explain me why they would regret making a 500% after-tax return on their money in 12 years ???

Are you really unaware of what happened in the GFC or just ignoring it to support your narrative? You assume everyone can hold onto over-leveraged housing investments for 12 years in the middle of a financial crisis when people are loosing their jobs and rentals are going down, what a joke!